Cardano (ADA) is a third-generation blockchain platform designed to be a flexible, sustainable, and scalable platform for running smart contracts.[
Some key points about Cardano:
ADA is the native cryptocurrency of the Cardano platform, named after Ada Lovelace, the 19th-century mathematician considered the first computer programmer.
ADA tokens are used to pay transaction fees and for staking to help maintain the security and operation of the Cardano network. In the future, ADA will also be used as a governance token to allow holders to vote on changes and upgrades to the platform.
Cardano uses a proof-of-stake (PoS) consensus mechanism called Ouroboros, which is designed to be more energy-efficient than the proof-of-work systems used by Bitcoin and earlier versions of Ethereum.
The Cardano platform is designed to be highly scalable, interoperable, and compliant with regulations, aiming to overcome issues faced by earlier cryptocurrencies.
Cardano is controlled by three entities - the Cardano Foundation, IOHK (the engineering company building the blockchain), and Emurgo (responsible for commercial applications).
Cardano is being developed in a series of phases named after notable figures in poetry and computer science, with the goal of eventually transitioning the network's development entirely to the community.